Tax Day 2025 is here — and for recently married couples or first-time parents, there are key steps to avoid costly mistakes and maximize your refund.
With the IRS filing deadline falling on Tuesday, April 15, 2025, couples who tied the knot or had a child last year must be especially diligent. Experts say decisions like how to file, what credits to claim, and updating personal information can have a big impact on your return.
Key Tax Moves If You Got Married in 2024
1. Choose the Right Filing Status: If you were married by December 31, 2024, the IRS considers you married for the full year. Most couples benefit from filing jointly, which can open access to bigger deductions and tax credits. However, in some cases — especially when one partner has high medical expenses or student loan repayments — married filing separately may make more sense.
2. Update Your Name with the SSA: Changed your last name? Make sure it matches your Social Security record. Failing to update your name with the Social Security Administration (SSA) can delay your refund or cause your return to be rejected.
3. Revise Your W-4 Form: After marriage, your tax withholding needs to reflect your new filing status. Submit an updated W-4 form to your employer to avoid under- or overpaying taxes throughout the year.
What New Parents Need to Know This Tax Season
1. Get a Social Security Number for Your Baby: You must have a valid Social Security number for your child to claim them as a dependent and access several tax credits, including the Child Tax Credit. Most hospitals offer assistance in applying for one at birth.
2. Know Your Tax Credit Options: Eligible parents can benefit from several credits:
- Child Tax Credit: Up to $2,000 per child
- Child and Dependent Care Credit: Covers part of daycare expenses
- Earned Income Tax Credit (EITC): May increase with the number of dependents
- Adoption Credit: For families who adopted a child in 2024
3. Maximize Deductions with Tax-Free Accounts: Parents may also benefit from contributing to:
- Flexible Spending Accounts (FSA) for healthcare and childcare expenses
- 529 Education Savings Plans for future school costs
Stay Organized and Avoid IRS Headaches
Keep Copies of All Tax Documents: Use a secure digital folder on your device to store photos or PDFs of W-2s, 1099s, and receipts. The IRS recommends retaining records for 3–7 years, depending on your tax situation.
Consult a Tax Professional: Navigating new marital or parental tax rules can be overwhelming. A tax expert can help you evaluate the best filing strategy and ensure you’re taking full advantage of all credits and deductions.
Final Reminder: File or Extend by April 15
Even if you’re not ready to submit your return, you can avoid late-filing penalties by requesting a tax extension. This gives you until October 15, 2025, to file — though any taxes owed must still be paid by April 15.
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